The City of London Corporation is calling on tech firms to build stronger digital verification services as fraud continues to wreak havoc on the financial sector.<\/p>\n
The organisation has launched a digital verification initiative that through it has urged the tech industry to support the development of these services on behalf of the financial sector.<\/p>\n
It has proposed a voluntary system that securely connects identity providers with other financial services businesses requiring identity checks.<\/p>\n
Under this model, users would verify their identity once with an approved and trusted provider that can then be reused across various financial organisations via secure data transmission.<\/p>\n
\u201cFraud is a plague on banks\u2019 balance sheets, costing them over \u00a31bn last year,\u201d said Chris Hayward, policy chairman of the City of London Corporation.<\/p>\n
\u201cTo help mitigate this \u2013 we need a digital-first economy that instils trust in the system and delivers clear benefits to consumers through faster, safer, and more seamless access to financial services.\u201d<\/p>\n
The City of London Corporation has claimed that if successfully implemented, this system could unlock \u00a35bn in economic benefits over a five-year period.<\/p>\n
\u201cIt\u2019s this conviction that has motivated our work to champion the development and introduction of a digital verification service,\u201d added Hayward.<\/p>\n
\u201cInnovation enables new dangers \u2013 but it also solves them too. We\u2019re asking companies who can provide this infrastructure to step forward and lead the sector\u2019s fightback against fraud.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"The City of London Corporation is calling on tech firms to build stronger digital verification services as fraud…\n","protected":false},"author":2,"featured_media":945720,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7757],"tags":[748,11512,76877,393,4884,257,16,15],"class_list":{"0":"post-945719","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-london","8":"tag-britain","9":"tag-city-of-london","10":"tag-city-of-london-corporation","11":"tag-england","12":"tag-great-britain","13":"tag-london","14":"tag-uk","15":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/116538130668539703","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/945719","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=945719"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/945719\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/945720"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=945719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=945719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=945719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}